Nio share price is set for a higher open ahead of Wednesday’s earnings report to be released after market hours. Nio share price is currently up 0.38% in early NY trading.
Last week, the EV maker had announced that its year-over-year EV delivery numbers had jumped 124.5% in July. However, semiconductor shortages across the globe have reigned in 2021 production.
A Reuters poll of Wall Street analysts expects the company to report a loss per ADR share of $0.11, with revenue of $1.28 billion. In the same period in 2020, Nio sustained a $0.16 loss per share, with revenues of only $526.4 million. Forward guidance as provided by the company in the light of the global chip shortage could define the Nio share price in the short term.
Nio Share Price Outlook
Tuesday’s price action showed a pullback move, following rejection at the channel’s upper edge and the 46.07 resistance. An extension of this move targets 43.14, with 41.31 and 39.33 standing between the price and the channel’s lower border.
On the flip side, a recovery in price retests the upper border of the channel and the 46.07 resistance. If the price breaks through this level, 47.58 becomes the next target, followed by 52.04.